Average property selling price stays steady in Edinburgh
Over the past three months, the average property price in Edinburgh, the Lothians, Fife and the Borders stayed fairly steady compared to last year, with the figure now being £248,235 compared to £248,320 last year. In Edinburgh, the average selling price of a house or flat also stayed steady, sitting at £268,325 compared to £268,404 last year.
Within Edinburgh, the greatest growth in average selling price was seen in the north west of the city, with properties selling for £273,583 on average, a 7.8 per cent increase compared to last year. The south of the city saw the greatest decrease, with properties selling for £293,169 on average, a 7.6 per cent decrease compared to last year.
Three-bedroom houses in South Queensferry and Dalmeny saw the greatest year-on-year increase in average selling price of any property type, with an average selling price of £333,829, a 46.8 per cent increase compared to last year. This is due to a much greater proportion of higher value homes being sold this year. Three-bedroom houses in Cramond, Barnton and Cammo also saw a significant year-on-year increase in average selling price, rising by 38.6 per cent. This is again due to an increase in the number of higher-value homes being sold this year.
However, three-bedroom houses in Blackhall, Davidsons Mains and Silverknowes saw the average selling price drop by 20.4 per cent year-on-year. This is due to a greater proportion of lower value properties being sold this year.
Outwith Edinburgh, average property prices in West Lothian also rose significantly compared to the previous year, now sitting at £208,131, an 11.1 per cent increase. This is due to a greater proportion of larger three-bedroom homes sold this year, coupled with fewer one bedroom properties.
The average selling price of properties in East Lothian rose by 6.4 per cent year-on-year, to £259,106. Meanwhiles properties in Midlothian saw a 0.3 per cent increase. The average price of homes in West Fife & Kinross decreased by 8.7 per cent year-on-year while homes in East Fife saw a 4.7 per cent increase. Properties in the Borders saw an increase in average selling price, rising by 2 per cent to £227,074.
From September to November 2019, the volume of residential property sales in Edinburgh, the Lothians, Fife and the Borders rose by 2.2 per cent compared to last year. The number of homes coming to market fell by 4.4 per cent. Within Edinburgh, sales volume dipped by 0.3 per cent and the number of new property listings dropped by 9.6 per cent.
The top-selling property in terms of sales volume was three bedroom houses in Dunfermline, followed by two-bedroom flats in Dunfermline and two-bedroom flats in Leith.
From September to November 2019, the median selling time of a property across all areas was 22 days, which was one day slower than last year. Within Edinburgh, the median selling time was 20 days, which was the same as last year. The fastest selling property types were one bedroom flats in Dalry, Gorgie, Slateford and Chesser and one-bedroom flats in Leith Walk, Easter Road, Pilrig and Bonnington, which both boasted a median selling time of 14 days.
Two-bedroom flats in Leith, The Shore and Granton, and two-bedroom flats in Portobello and Joppa were just behind with a median selling time of 15 days.
The average percentage of Home Report valuation achieved over the past three months across all areas was 102.8 per cent compared to 103.8 per cent last year. Within Edinburgh, it was 104.4 per cent compared to 105.6 per cent last year. One-bedroom flats in Dalry, Gorgie, Slateford and Chesser also achieved the highest percentage of Home Report valuation on average at 107.1 per cent, followed by two bedroom flats in Portobello and Joppa on 106.2 per cent.
Jamie Fraser-Davidson, business analyst at ESPC, said: “The average selling price across Edinburgh, the Lothians, Fife and the Borders stays steady compared to last year. However, this is the first three month period in several years that there has not been a year-on-year increase in average selling price.
“Combined with a lower percentage of Home Report valuation achieved on average and fewer properties coming to market, this suggests a dampening in buyer and seller activity in the run up to Christmas, possibly exacerbated by the upcoming General Election and Brexit deadline. However, homes are still exceeding their valuation on average, achieving relatively short selling times and there are pockets where there are still significant year-on-year price increases.
“One of the areas that continues to do well is Portobello and Joppa; two-bedroom flats in this area regularly boast very short selling times and achieve well over Home Report valuation. As Portobello has just been voted UK neighbourhood of the year at the Urbanism Awards, it appears its popularity is set to grow.”